Middle East: Linseed Oil Market 2024

Linseed Oil Market Size in the Middle East

In 2022, the Middle Eastern linseed oil market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Over the period under review, consumption, however, showed a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Linseed Oil Production in the Middle East

In value terms, linseed oil production shrank to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

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Linseed Oil Exports

Exports in the Middle East

In 2022, overseas shipments of linseed oil increased by X% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports enjoyed a pronounced increase. The growth pace was the most rapid in 2014 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, linseed oil exports soared to $X in 2022. Overall, exports showed a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey dominates exports structure, accounting for X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports. Oman (X tons) held a relatively small share of total exports.

Turkey was also the fastest-growing in terms of the linseed oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Oman (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest linseed oil supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

In Turkey, linseed oil exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by X% against the previous year. Overall, the export price recorded a notable increase. The level of export peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced a decline in the export price figures.

Linseed Oil Imports

Imports in the Middle East

In 2022, approx. X tons of linseed oil were imported in the Middle East; with a decrease of X% compared with the previous year. Overall, imports saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports declined to $X in 2022. In general, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Turkey (X tons) and Qatar (X tons) represented roughly X% of total imports in 2022. Israel (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Iran (X%), the United Arab Emirates (X%) and Oman (X%). Lebanon (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil importing markets in the Middle East were Turkey ($X), Qatar ($X) and Israel ($X), with a combined X% share of total imports. The United Arab Emirates, Iran, Oman and Lebanon lagged somewhat behind, together comprising a further X%.

Iran, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, declining by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, import price reached the peak level of $X per ton, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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